“We will cover the budget deficit through oil and gas revenues that we get in excess of the plan. We will not increase revenue items related to domestic loans and privatization,” she said adding that the federal budget was planned taking an average oil price of $100 per barrel, while now it totalled $107 per barrel. “These extra oil and gas revenues will not go to the Reserve Fund.”

“The Finance Ministry is drafting amendments to the budget and next week we plan to submit them to the government,” Nesterenko said. “We will ask legislators to make it possible for us to take money from the Reserve Fund, if our oil and gas revenues worsen.”

In 2014 the conditionally approved expenditures would be cut by 355 billion rubles and in 2015 - by 400 billion rubles, the deputy minister said.